CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 16, Sales for the day @ P 3,000 Mar 17, Zee paid for the following: Meals @ P500 & Transportation Cost @ P200. Mar 18, Yee customer purchased on account @ P 10,000. Mar 19, Walk in sales for the day P 2,000 Mar 20, Zee paid rent @ P 5,000 CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 21, Zee paid Electricity Consumption @ P 2,000 Mar 22, Sales for the day @ P4,000 Mar 23, Xee a regular customer purchased groceries @ 60% cash and the rest are on account. Total groceries cost is P 20,000 Mar 24, The customer on Mar 18, paid 40% of his account in cash. Mar 25, Xee paid in full
CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 16, Sales for the day @ P 3,000 Mar 17, Zee paid for the following: Meals @ P500 & Transportation Cost @ P200. Mar 18, Yee customer purchased on account @ P 10,000. Mar 19, Walk in sales for the day P 2,000 Mar 20, Zee paid rent @ P 5,000 CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 21, Zee paid Electricity Consumption @ P 2,000 Mar 22, Sales for the day @ P4,000 Mar 23, Xee a regular customer purchased groceries @ 60% cash and the rest are on account. Total groceries cost is P 20,000 Mar 24, The customer on Mar 18, paid 40% of his account in cash. Mar 25, Xee paid in full
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
NOTE: Should following the given format for income statement.
Transcribed Image Text:CLASS EXERCISE – recording of transactions (Income Statement Accounts)
Mar 16, Sales for the day @ P 3,000
Mar 17, Zee paid for the following: Meals @ P500 & Transportation Cost @ P200.
Mar 18, Yee customer purchased on account @ P 10,000.
Mar 19, Walk in sales for the day P 2,000
Mar 20, Zee paid rent @ P 5,000
CLASS EXERCISE – recording of transactions (Income Statement Accounts)
Mar 21, Zee paid Electricity Consumption @ P 2,000
Mar 22, Sales for the day @ P4,000
Mar 23, Xee a regular customer
is P 20,000
hased groceries @ 60% cash and the rest are
account. Total groceries cost
Mar 24, The customer on Mar 18, paid 40% of his account in cash.
Mar 25, Xee paid in full
Transcribed Image Text:INCOME STATEMENT
FOR THE MONTH ENDING JULY 31, 2019
SERVICE REVENUE
51,000
OPERATING EXPENSES
GAS & OIL
500
REPAIRS AND MAINTENANCE
1,000
UTILITIES EXPENSE
500
RENT EXPENSE
10,000
SALARIES EXPENSE
9,000
21,000
OPERATING INCOME
30,000
NET INCOME
30,000
FORMAT
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